- Flora Growth Corp. is an international cannabis consumer packaged goods distributor and cultivator based in Colombia that has built an ecosystem that will support market-leading innovation within categories that matter most to consumers exploring plant-based consumer goods.
- The company recently obtained the Good Agricultural and Collection Practices (“GACP”) certification from international certification agency and global leader in medical cannabis certification Control Union Medical Cannabis Standard (“CUMCS”)
- Flora Growth also just announced the launch of a new brand named Munzhi that will initially provide 12 CBD products for wellness, hair, body, and face benefits
- Flora Growth’s Colombian operations are already producing more than 190 products, 63 of which are INVIMA-registered over-the-counter (“OTC”) products and have received three GMP certifications from the agency regulating Colombia’s food and drug trade
International cannabis brand builder and cultivator Flora Growth Corp. (NASDAQ: FLGC) is preparing to expand its global footprint with the development of a new collection of cannabidiol (CBD) wellness lifestyle products. Flora Growth’s Flora Lab division is launching the new Munzhi brand with 12 products across four categories: Wellness, Hair, Body, and Face. Launch efforts have been initially focused on the Colombian market, though the company will also be selling through an online shop and shipping around the world.
Colombian President Ivan Duque loosened the country’s limits on cannabis trade in July, permitting the export of dry cannabis flowers used in food, beverage, cosmetics and textiles markets, and delivering Colombian countries confidence that they can leap into Europe’s and North America’s pharmaceutical markets, according to a CNN news report (https://ibn.fm/rilT5).
Flora Growth has already established a cultivation and processing base in Colombia. The company bought 100 hectares — about 247 acres — in central Colombia and has established production at this base, named Cosechemos, at a cost the company estimates to be around 6 cents per gram of dried cannabis flower, a fraction of the go-to price that ranges from 50 cents to $2 in the United States, according to the news report.
The Munzhi brand combines CBD as an active ingredient with other plant-based ingredients such as lavender oil and chamomile coconut for a facial serum, shampoo, conditioner, shower gel, body ointment and a moisturizing lotion, with plans to expand product offerings over time.
“Through market studies, consumers have indicated they want the wellness benefits of cannabis, but at an affordable price. Munzhi helps fill that need as well as an important gap in our product portfolio,” Flora Growth President and CEO Luis Merchan stated in a news release about Munzhi (https://ibn.fm/1U1fN).
Flora Lab recently received its cosmetics GMP certification from Colombia’s food and drug regulatory agency Instituto Nacional de Vigilancia de Medicamentos y Alimentos (“INVIMA”) — its third GMP certification overall — and now serves as Flora Growth’s division for R&D and manufacturing of pharmaceuticals, cosmetics, and nutraceuticals.
The lab operates a modern, 16,000-square-ft manufacturing facility that produces more than 190 products, 63 of which are INVIMA-registered over-the-counter (“OTC”) products. With the three GMP certifications, Flora Growth can pursue distribution agreements for products that contain CBD as well as non-CBD products in markets where access requires GMP certification (https://ibn.fm/A1Ety).
The company has more than 2,500 global distribution channels through pharmacies and wholesale clients and aims to continuing expanding them. Neighbor country Panama recently passed legislation legalizing medical cannabis (https://ibn.fm/8JEZt) and Flora Growth’s non-binding LOI with Panamanian importer and distributor Robust Farms Inc. promises to grant Flora a pipeline into that market (https://ibn.fm/MIgdg).
On Oct. 25, Flora Growth announced it has received the Good Agricultural and Collection Practices (GACP) certification by the Control Union Medical Cannabis Standard (“CUMCS”), a leading international certification agency and global leader in medical cannabis certification.
“In advance of this milestone, our team has signed several LOI’s for the sale and distribution of dry flower and derivative products to several international jurisdictions, including the EU, Australia, and Latin America,” Flora’s Chief Revenue Officer Jason Warnock stated (https://ibn.fm/Qg5jz). “We are now in the position to unlock the significant potential from Cosechemos as we continue building our global distribution network.”
For more information, visit Flora Growth’s website at https://floragrowth.ca.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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